A.D. Cantelmo Property Management
Our Business is Property Management Southern California
Why use a
Property Management Company
Every day I talk to people who ask me about my services. Some of the
conversations are short and they basically want to know about price, but some
of the conversations are long and we go into much of what I do as a Property
Manager. Every once in a while, I get the question, “Why
should I use a Property Management Company?”
To me, the answer is
obvious, but I understand why someone would ask me that. After all, I often
tell people that my business is a simple one, and it is. But keeping it simple
is not always that easy, it takes practice.
Being a “Landlord” is a
business whether you think of it that way, or not. If you make money renting
out your property, it’s a business. Even if you don’t make money, it’s a
business, just not a profitable one. What I try and do for my clients is make
them the most money possible and also keep everything in order. Let’s break
Residential Property Management down.
The first and most
important part of managing a property is making sure the property is filled
with the best Tenants possible. Filling vacancies is more complicated then it
may seem. Sure, putting a sign out and putting the property on the internet is
something that everyone can do, but dealing with applicants and looking for the
best people for the property is a whole other issue. You may think that it’s
easy to find the right Tenant. Just look at a credit report and check financial
stability and your all set, think again.
The first thing I keep
in mind when thinking about whether I am going to place an applicant in a
property is EVICTION. Eviction is the worst part of my business and I feel
lucky that in the years I have been in this business, I have only evicted 3
people. Someone may look great on paper, but Job situations may change, or life situations may change, so when evaluating applicants, you need to look beyond the obvious which can be tricky. What I try and do is look at the entire package. Credit, How long employed at job, how long at present residence. I have found that talking to a current Landlord may net be good information. If they talk to you at all, they may give you a positive report if they want the person out of their hair.
in the end eviction cost the owner money and
that is not good for a Property Manager. There is more to placing a Tenant then
just looking at numbers, there is a gut feeling that comes from experience. Asking
the right questions and hearing the right answers is a very real part of the
application process. Many large Property Management companies have very strict
criteria on placing Tenants and that’s fine, but I treat each applicant as individuals
and look at their life situations before making a decision whether to place a
Tenant or not. I don’t want to pass on someone, just because they don’t look
good on paper. Some of my best Tenants were people who did not look great on
paper, but were very good in other areas. Getting a larger deposit is one way
to protect against making a the wrong decision with someone on the fence and
that’s fair to both the Tenant and the Landlord.
The next step in
Property Management is teaching the Tenant how to be a good Tenant and the most
important part of that is paying the rent on time. You may ask, “How do you
teach a Tenant?” Well, unfortunately a late fee that makes an impact is the
best way. If you charge a minimal late fee, the Tenant will make it a habit to
be late, but if the late fee is something that a Tenant does not like, they
will learn fast to pay on time.
The next step in teaching
a Tenant is to make them understand that if something breaks, let us know so we
can fix it before it becomes a bigger problem. Too many Tenants are afraid to
call, they don’t want to be blamed, but if a Tenant knows they will be treated
fairly, they will be more willing to call.
I always want a Tenant
to think of the property as their own while they live there. If they have
pride in the property, they will take better care of the home and them understanding
that I will make periodic visits to check smoke and c/o alarms, they will
understand that they have to keep the place in good shape, or deal with the
consequences.
Then of course there is
dealing with Tenant requests and which ones to accept and which to decline.
Obviously, if a Tenant requests something, they think it’s important. But so
often those requests are not required for a good safe home, so as a Landlord or
Property Manager, you have to be able to say no, without making the Tenant feel
as though their feeling are not important. The best way to do that is to always
have good communication with Tenants and let them know exactly why a request is
being denied. They may feel bad about it, but they won’t be resentful if they
understand your thinking.
Dealing with issues in
a simple way, is the only way to have a smooth Property Management Company.
Creating issues will do nothing but make everyone unhappy. Tenants can be
difficult, but so can Landlords and maintaining a good relationship with both
can be the difference between a successful Tenancy, or an unsuccessful one.
If someone on the phone
who asked me why they should hire a property manager thinks that they can do
everything I talked about without going crazy then they don’t need a property
manager.
A.D. Cantelmo Property Management
Our Business is Property Management Southern California